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Danish line Torm’s restructuring nearly complete

Danish line Torm’s restructuring nearly complete

COPENHAGEN: In another important milestone along the way of the restructuring of Danish line, Torm, its lenders have approved a scheme of arrangement for each of its four loan facilities. Provided the scheme is sanctioned at the end of this month at the High Court in London, Torm says it will then be able to implement the final steps to compete restructuring by the middle of next month.

The Danish bulker and tanker player entered restructuring three years ago, weighed down by $1.9bn of debts. This spring private equity giant Oaktree Capital won shareholder approval to take over the shipping line.